CYBG, the parent group of Clydesdale Bank and Yorkshire Bank, has written £567m in SME lending in Q1 2018, in line with Q1 2017 (£574m).

The balance of the SME loan book grew to £6.8bn in the 12 months to December 31, up 8% year-on-year, but did not grow between September and December 2017, the first quarter of the financial year.

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Business drawdowns from CYBG facilities were reported as strong at £525m, but partially offset by reduced overdraft balances in the agriculture segment. This led to an annualised growth in net core lending of 1.4%.

Deposits in the group’s banks grew 14.8% year-on-year, to £28.3bn.

CYBG said the pipelines for new lending in 2018 were “healthy”, and reiterated its commitment to lend £6bn over three years.

David Duffy, chief executive officer of CYBG, said: “We have delivered another solid quarter of growth, despite a competitive operating environment, seeing continued momentum in both mortgage and SME lending.

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“While the economic outlook remains uncertain we remain focused on delivering sustainable and prudent growth and are confident we will deliver our guidance for 2018 and the medium term.

“We also continue to take major strides in transforming CYBG into the UK’s leading digitally-enabled challenger bank, positioning us strongly for the future banking landscape. Our iB technology platform is ready for Open Banking today with full ‘plug and play’ fintech capability, meaning we can offer real-time, integrated services for our 2.8 million customers.”